It was all red for cryptocurrencies as the crypto market sold off sharply today. Bitcoin and ETH lead this bearish decline as the two cryptocurrencies dumped hard back down to their respective key levels.
In this crypto End of Day Analysis, we will be talking about these key levels and the possible price scenarios we can expect to play out in the coming days.
To trade both Bitcoin and Ethereum with leverage, sign-up to Bybit right now! You can also get up to $600 in deposit bonus when you sign-up and fund your Bybit account with our Bybit link.
Claim up to $30,030 in Bonus
Bitcoin Converging Triangle Pattern Compeleted
We have been following a converging triangle pattern now for the past few weeks Bitcoin Bearish Breakout. Ethereum Crashing Too!, warning our readers of the potential for a Bitcoin short-term sell-off before the bullish trend on the higher timeframe resumes.
That short-term bearish momentum has played out exactly as we predicted. The Bitcoin price has smashed the bearish targets for the short-term time frame, completing the sell-off from the converging triangle pattern on the 4-hour timeframe.
What Next For The Bitcoin Price ?
The key level to watch for on the Bitcoin chart is that $28k support. Can the Bitcoin price hold that level in the coming days or can we expect to see a sell-off soon?
If this support level holds, we can expect to see the Bitcoin price rally from these regions in the coming days. However, a price break and a close below this support could be a strong indicator for more bearish pressure in the coming days.
Ethereum Trading At Support!
Our bearish prediction on Ethereum also played out exactly as predicted Warning: Ethereum 15% Dump Likely In The Next 24hrs!
The Ethereum price dumping more than 15% to complete the bearish trend back down to the base of the converging pattern on the Ethereum 4-hour timeframe.
The key level to watch now is the base channel of that pattern. Can Ethereum bulls hold onto the hope of a bullish potential bounce from these regions or can we expect to see an ETH price breakthrough the downside in the coming days?
Both Ethereum and Bitcoin are trading at a very critical price level. Can we expect to see a price bounce in the coming days or will the crypto market just break through these supports and continue to sell off in the coming days?
We believe this question would be best-answered tomorrow as price decides on the trends it wants to go in.
Claim up to $30,030 in Bonus
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting